The Financial Commission, based in Hong Kong, provides primary oversight. Above all, our experts assess whether a broker is trustworthy, taking into account their regulatory credentials, account safeguards, and reputation in the industry. DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with. If you have traded with FXOpen we would really like to know about your experience – please submit your own review. Yes, the brokerage holds licenses with the FCA, CySEC and ASIC. These are three highly respected agencies and are a strong indicator that FXOpen is trustworthy.
Spreads & Commissions
Account verification is mandatory to comply with KYC/AML regulations. FXOpen was founded in 2005 and has since become one of the fastest-growing and most impressive brokerages on the market today. Regulated in Nevis, a light regulatory approach combines with technology and a forward-thinking management team. All content on this site is for informational purposes only and does not constitute financial advice. Consult relevxcritical professionals in your country of residence to get personalized advice before you make any trading or investing decisions. DayTrading.com may receive compensation from the brands or services mentioned on this website.
One account. 700+ Markets.Unlimited trading.
While FXOpen Markets Limited is registered in Nevis as a company, it is not regulated by the Financial Services Regulatory Commission. Instead, it opted for oversight and investor protection by The Financial Commission, based in Hong Kong. It is the first of its kind; an independent self-regulatory organization and external dispute resolution (EDR) body, primarily intended as alternative oversight for Forex brokers. The Financial Commission allows FXOpen to bypass expensive and often counter-productive rules while offering protection to traders. Portfolios are covered up to €20,000 per case, xcritical reviews which is on par with CySEC regulated entities. The Financial Commission is gaining traction within the brokerage industry as a genuine solution to uncompetitive regulatory requirements.
All terminals can be used directly through major internet browsers as a webtrader, downloaded to desktop devices or used via mobile xcritical apps. FXOpen offers four trading platforms; a proprietary platform named TickTrader, TradingView, plus MetaTrader 4 (MT4) and MetaTrader 5 (MT5). UK investors, for example, will trade under the FXOpen UK subsidiary, with oversight from the Financial Conduct Authority (FCA). European traders will be registered under the FXOpen EU entity with regulation from the Cyprus Securities and Exchange Commission (CySEC).
- It features genuine ECN pricing on the MT4/MT5 trading platforms, is highly transparent, and provides a shining example of a trustworthy, competitive trading environment.
- Account management is supported via PAMM, Islamic accounts are available on request, and social trading is possible via Myfxbook and ZuluTrade.
- I am satisfied with the conditions because the spread on many pairs is very narrow, slippage is minimal, and withdrawals are fast.
- This may impact how, where and which companies / services we review and write about.
The 535 US equity CFDs account for the bulk of assets, complemented by nine index CFDs. The overall selection is acceptable for most traders but is lacking in breadth for genuine asset management firms. Reliable platforms, competitive pricing, regulatory compliance, and responsive support. Of course, trading always carries risks, but with FXOpen, I feel like I’m in good hands. From the broker’s website, you can choose to either open a live account or a demo account from the top right-hand corner.
Make moneytrading Forex withFXOpenECN broker with over 15 yearsexperienceTight spreads andlow commissions!
FXOpen offers a $10 no deposit bonus (NDB) for the ECN TickTrader account and the STP PAMM accounts. There is also a $1 welcome bonus for Micro accounts and a ForexCup Trading Contest bonus, subject to demo contest terms and conditions. The award-winning live trading platform has 30 million monthly traders and offers a suite of useful tools.
Nonetheless, a low minimum deposit requirement and access to educational content is ideal for novice traders. A highly competitive trading environment elevates this broker into the top quartile. The cost structure and asset choice make the ECN account a natural choice for committed traders. The MT4 and MT5 trading platforms, including mobile versions and webtrader versions, are available only as the most basic versions. FXOpen developed the One-Click Trading and Level2 plugin, which enhances order placement. Regrettably, third-party plugins that are required to unlock the full functionality of the MT4 platform and improve the trading environment are not available.
The regulated service provides a competitive trading environment with multiple platforms for active traders. The low spreads and commissions, as well as a strong track record make it an attractive option, though only high volume traders are rewarded with discounted fees. FXOpen also offers more platforms, apps and trading tools than the majority of its competitors. DailyForex.com adheres to strict xcriticals to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.
